Lavazza boss blames hedge funds for rising coffee prices
Giuseppe Lavazza said speculation by the big financial firms was responsible for the vast majority of the surge in prices on wholesale coffee bean markets.
He said: 'Hedge funds are really big players and they make a lot of difference, especially in the volatility of the market and the uncertainty of the market.'
Without their speculation, prices would simply reflect market fundamentals – such as supply and demand, he added.
'Over the last four years, where prices rose so much – [it was] 80 per cent speculation, especially hedge funds.' That has led to higher costs for consumers and a decline in consumption – down 3.5 per cent last year – Lavazza said.
His firm was forced to put up prices by 20 per cent last year but costs may have stabilised.
Lavazza said high global prices were 'totally unsustainable for the industry'.
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